Auto, tech Q4 numbers restrict Sensex gains at 33 points

Mumbai: Reversing two days of losses, the benchmark BSE Sensex on Wednesday edged up by 33 points to 27,564.66 on gains in banking stocks amid prevailing rate cut hopes even as the auto and tech shares plunged on poor earning numbers. Trading in the negative zone for most part of the day, the index recovered on fag-end buying ahead of the May derivatives expiry.

"With the continued pressure of derivative contracts expiry, markets are in the consolidation mode. It has been a dismal quarter of earnings so far for the India Inc, adding to the spoiled sentiment," said Gaurav Jain, Director of Hem Securities.

After opening lower at 27,447.40 points, the Sensex continued to slide and touched the day's low of 27,363.72 points due to sustained selling. However, the Sensex bounced back following emergence of value-buying particularly in banking stocks in the last half-an-hour of trading on hopes of rate cut by RBI.

The barometer settled higher by 33.25 points or 0.12 percent at 27,564.66. The gauge had lost 426.09 points in the previous two sessions on lower-than-expected earnings from blue-chip firms. The wider 50-issue NSE Nifty, however, closed down by 4.75 points or 0.06 percent at 8,334.60. On Sensex, among banking stocks, Axis Bank rose by 2.26 percent, HDFC Bank by 1.32 percent and ICICI Bank by 1.1 percent. State-run SBI gained 1.23 percent.